Yes you are. It's not a standings for a playoff seeding its just the way its done. The team with the best record at the end of the season is coined the champions. The reason it makes sense is because every team plays each other twice so unlike the NFL there is no such thing as an easy schedule compared to another team. Could there be like a run of 4 or 5 tough/easy games in a row at certain points in the season sure but at the end of it all everyone will have played everyone twice so it evens out. Playoffs can be random and sometimes aren't indicative of who was the best team all season but thats subjective.
The Champions League is the "best teams in Europe" against each other and is the biggest club tournament in the region and the world because of the money involved. And a medal vs a ring is subjective as well

whats most important is lifting up that trophy at the end of the day.
And extra/injury time is just a way to make up for time play was stopped because during the game since the clock keeps ticking and isn't stopped. It's the head ref and his crew's responsibility to keep track of time play was stopped because of say an injury/injuries or something and add that time on to the end of the half.